Fidelity Charitable Received Over $100M In Crypto Donations Since 2015 (#GotBitcoin?)

Independent public charity Fidelity Charitable has received $100 million in cryptocurrency donations, according to its recently published report. Fidelity Charitable Received Over $100M In Crypto Donations Since 2015 (#GotBitcoin?)

In its “2019 Giving Report,” Fidelity Charitable illustrated account development throughout 2018, and provided insights into its growth since its establishment. Generally, the number of donors reached 204,292 in 2018, while back in 2009 the company had 51,918 accounts.

Eliminating Capital Gains Taxes

When it comes to digital currency contributions, Fidelity received $106 million worth of cryptocurrency donations since it began accepting cryptocurrency in 2015, which includes $30 million in 2018. The report further notes:

“Though cryptocurrency values cooled off considerably by the end of 2018, they began the year at a peak. Fidelity Charitable’s ability to accept cryptocurrency donations, including bitcoin, allowed these donors to eliminate any capital gains taxes and give the full fair market value to charity.”

In 2017, Fidelity reportedly received $69 million — which made it a record year for cryptocurrency donations — while in 2016, the value of crypto donations amounted to only $7 million.

Some other philanthropic organizations around the world have also embraced cryptocurrency donations. Earlier in August, South Korean holding company SK C&C unveiled plans for a donation platform that is based on a Ripple blockchain fork. Moreover, the platform will support a stablecoin linked at a 1:1 ratio to the won, as well as a utility token.

A charitable crypto campaign dubbed “Airdrop Venezuela” registered around 60,000 verified beneficiaries and raised $272,000 since its launch in fall 2018. Fidelity Charitable Received Over, Fidelity Charitable Received Over, Fidelity Charitable Received Over

Updated: 10-19-2019

Fidelity Digital Assets Opens To All Qualified Investors

Fidelity Digital Asset Services (FDAS) is “now engaged in a full rollout” of its custody and trading services, expanding from the limited trial users in the platform’s final test stage, according to a Financial Times interview.

The business had initially been expected to be open in the first quarter of 2019.

In an interview with Fidelity Investments CEO Abigail Johnson, the FT said:

“Fidelity started adding clients in the first quarter and is now engaged in a full rollout of its custody and trading services for digital assets — a boon to what is a fragmented and complicated industry, Ms Johnson told the FT in a rare interview.”

CoinDesk reported in February that Fidelity’s crypto custody and trading services platform was being tested by a limited number of clients including hedge funds, family offices and financial advisors.

The $2.8 trillion asset manager is one of the first established traditional financial institutions to offer digital asset custody services as other peers are still waiting to see how the crypto industry comes into formation.

While there are several platforms providing similar services, Johnson said Fidelity’s large client base and network were distinct advantages.

Coinbase, for example, “is still a company that most people had never heard of, and they don’t have the existing relationships with the independent advisers,” Johnson told the FT.

That crypto exchange, looking after billions of dollars of digital assets, was approved by the New York State Department of Financial Services, and launched its custody services for third parties last October.

On crypto, in general, Johnson said, “If you’re either interested or technically adept, then it’s not really that big of a deal.” Fidelity Charitable Received Over,Fidelity Charitable Received Over,Fidelity Charitable Received Over,Fidelity Charitable Received Over,Fidelity Charitable Received Over